Billionaire Lampert Agrees To Drop $40M On Indian Creek Mansion

Edward Lampert, the hedge fund manager who controls Sears Holdings Corp., has signed a deal to buy a seven-bedroom home owned by Paul and Trudy Cejas on exclusive Indian Creek Island for $40 million, according to One Sotheby’s International Realty Inc.

The 17,000-square-foot mansion sits on 2.7 acres and wasn’t publicly listed, Bloomberg News reported. The sale likely will be completed in less than 30 days, Kevin Tomlinson, a Miami Beach vice president at One Sotheby’s, told Bloomberg.

Located in Biscayne Bay off Miami Beach, Indian Creek is home to less than two dozen luxury homes and a private golf-and-country club. Residents include auto magnate Norman Braman.

The Indian Creek Island mansion, which was rebuilt in the “last couple of years,” has a reflection pool and a so-called arrival court, he said. Steve Lipin, a spokesman for Lampert, didn’t immediately return a telephone call seeking comment.

Lampert is ranked 117th on the Forbes 400 Richest Americans list, with a net worth of $3 billion as of September. He is the latest in a growing stream of investment managers who have moved to Miami in recent years. Cejas, a former ambassador to Belgium, founded CareFlorida Health Systems and now runs PLC Investments, a private asset management firm.